MIRA
INFORM REPORT
|
Report Date : |
22.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
OSCAR ULTRASONICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
G-10, Arihant Industrial Estate, Off |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2003 |
|
|
|
|
Date of Incorporation : |
22.01.1999 |
|
|
|
|
Com. Reg. No.: |
11-117979 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U33110MH1999PTC117979 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMO02219A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAA02770N |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacture, Sell, Export, Import and service and develop medical
scientific, industrial, laboratory and domestic equipments. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
Maximum Credit Limit : |
USD 2172 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject seems to be a relatively small company. Its latest financials
are missing from the Government Records. As per last available financials the
company seemed to be faring well. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, in view of non-availability of latest financials. |
LOCATIONS
|
Registered Office : |
G-10, Arihant Industrial Estate, Off |
|
Tel. No.: |
91-22-28477763/ 28470069/ 28472749 |
|
Fax No.: |
91-22-28472552 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. P Velan |
|
Designation : |
Director |
|
Address : |
23, Jayanandan Co-Operative Housing Society Limited, |
|
Date of Birth/Age : |
08.01.1949 |
|
Date of Appointment : |
22.01.1999 |
|
|
|
|
Name : |
Mr. Vishwanath S Paranjape |
|
Designation : |
Director |
|
Address : |
B-4, Ayasmritu, Ramachandra Nagar, |
|
Date of Birth/Age : |
27.10.1955 |
|
Date of Appointment : |
22.01.1999 |
|
|
|
|
Name : |
Mr. Bengre Y Karkera |
|
Designation : |
Director |
|
Address : |
B-9, Rameshwar Darshan, Natwar Nagar, Road No. 4, Jogeshwari (East),
Mumbai – 400 060, |
|
Date of Birth/Age : |
23.01.1962 |
|
Date of Appointment : |
22.01.1999 |
|
|
|
|
Name : |
Mr. Kishore Sonawane |
|
Designation : |
Director |
|
Address : |
E/1, Shethwadi Chawl, |
|
Date of Birth/Age : |
15.06.1950 |
|
Date of Appointment : |
17.03.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. P Velan |
|
8000 |
|
Mr. Vishwanath S. Paranjape |
|
8000 |
|
Mr. Bengre Y Karkera |
|
8000 |
|
Mr. Kishor N Sonawane |
|
3200 |
|
Mr. M P Faloo |
|
3200 |
|
Mr. X F Fosenca |
|
3200 |
|
Mr. R B Palyekar |
|
3200 |
|
Mr. A S Pandit |
|
3200 |
As on 31.03.2004
|
Names of Shareholders |
|
Percentage of
Holding |
|
|
|
|
|
Directors and Relatives Directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture, Sell, Export, Import and service and develop medical
scientific, industrial, laboratory and domestic equipments. |
|
|
|
|
Products : |
* Ultrasonic Equipments * Ultrasonic Vapour Degreasing Systems * Ultrasonic Processors * Ultrasonic Plastic Welding Machines * Ultrasonic Flow Detectors * Ultrasonic Flaw Detectors * Ultrasonic Thickness Gauges *
Microclean Ultrasonic * Multistage Ultrasonic Vapour Degreasing Systems * Multichamber Ultrasonic Cleaning Systems * SingleStage Ultrasonic Cleaning Systems * Ultrasonic Sonicators *
Ultrasonic *
Plastic Welding Machines |
GENERAL INFORMATION
|
Bankers : |
Canara Bank, Sakinaka Branch, Andheri, Mumbai – 400 072, |
|
Auditors : |
Not Available |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.400 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2003 |
31.03.2002 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
|
0.400 |
0.400 |
|
2] Reserves & Surplus |
|
0.143 |
0.080 |
|
NETWORTH |
|
0.543 |
0.480 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
|
0.358 |
0.445 |
|
2] Unsecured Loans |
|
0.400 |
0.400 |
|
TOTAL BORROWING |
|
0.758 |
0.845 |
|
|
|
|
|
|
TOTAL |
|
1.301 |
1.325 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.160 |
1.184 |
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
1.174 |
0.924 |
|
Total
Current Assets |
|
1.174 |
0.924 |
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
1.046 |
0.799 |
|
Total
Current Liabilities |
|
1.046 |
0.799 |
|
Net Current Assets |
|
0.128 |
0.125 |
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.013 |
0.015 |
|
|
|
|
|
|
TOTAL |
|
1.301 |
1.324 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2003 |
31.03.2002 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.32 |
4.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.12 |
1.15 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
|
Name of the company |
OSCAR
ULTRASONICS PRIVATE LIMITED |
|
Presented By |
Canara
Bank, Sakinaka Branch, Andheri, Mumbai – 400 072, |
|
1) Date and description of instrument creating the change |
No instrument was executed. However, the Equitable Mortgage has been created by way of deposit of title deeds on 11.05.2001. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 million |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All that piece and parcel of land and building existing Gala No. 10, Ground Floor, Arihant Industrial Estate, Plot No. 94C and 94D, Kranti Nagar, Saki Vihar Road, Sakinaka, Mumbai – 400 072, Maharashtra, India, together with all structures and machinery items standing installed thereon and other structures and machinery items to be put uo in future, belonging to the borrower. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
To secure Various Credit facilities together with all interest, costs, charges and expense thereon granted by the Bank of the Borrower. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank Sakinaka Branch, Andheri, Mumbai – 400
072, |
|
6) Date and brief description of instrument modifying the charge |
No instrument was executed. However, the Equitable Mortgage has been extended over the immovable property on 14.11.2002. |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By this modification, the immovable property as mentioned in column no. 3, thereinabove, i.e. all that piece and parcel of land being Plot No. 94C and 94D, Kranti Nagar, Saki Vihar Road, Sakinaka, Mumbai – 400 072, Maharashtra, India, admeasuring 565 sq. ft. Survey No. 64, 65, 66 and new Survey No. 11, belonging to the borrower shall also hold good to secure the due repayment of additional credit facilities of Rs. 0.200 millions. Hence, the overall charge has been enhanced from Rs. 1.000 million to Rs. 1.200 million. Therefore, the overall charge now stands at Rs. 1.200 millions. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.79 |
|
|
1 |
Rs.81.62 |
|
Euro |
1 |
Rs.56.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|